A document granting an inventor sole rights to an item or an idea

A word, name, symbol, sound, or color that identifies a good or service. It can't be used by anyone but the owner

Anything that is authorized by an individual, such as writings, music, and artwork

A business relation in which parties compete to gain customers

Focuses on the sale price of a product. Has the assumption that with all other things being equal, consumers will buy products that are lowest in price.

Businesses that choose to compete on the basis of factors such as the quality of products, service, financing, business location, and reputation

Exclusive control over a product or the means of producing it

The potential for financial gain, loss, or failure

The money earned from conducting business after all costs and expenses have been paid

The amount of goods producers are willing to make and sell

Consumer willingness and ability to buy products

The Bookworm is a successful children’s bookstore. The store’s owners provide literature seminars to parent and teacher groups, and they create recommended reading lists for classroom use. The Bookworm’s books cost about 15 percent more than the same books at the local discount chain bookstore. The Bookworm’s owners engage in _________ competition.

Because they prevent competition, __________ are prohibited in a free enterprise system.